The macroeconomic effects of oil shocks
Subtitle: why are the 2000s so different from the 1970s?
By: Olivier J. Blanchard, Jordi Gali.
Contributors: Galí, Jordi, 1961-; National Bureau of Economic Research.
Series: NBER working paper series -- working paper 13368; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 13368.
Publisher: National Bureau of Economic Research
Published: 2007
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "We characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across episodes.  We examine four different hypotheses for the mild effects on inflation and economic activity of the recent increase in the price of oil: (a) good luck (i.e.  lack of concurrent adverse shocks), (b) smaller share of oil in production, (c) more flexible labor markets, and (d) improvements in monetary policy.  We conclude that all four have played an important role"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 9/10/2007.

Includes bibliographical references.

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